An ABL Life model demonstrates the company’s new whole-life insurance product at its head office in Seoul. Photo courtesy of ABL Life

Out-of-the-box product has bit the market

ABL Life said on March 12 that its whole-life insurance product had gained popularity across the board thanks to the innovative features since its debut last December.

The Seoul-headquartered insurer said that the recently-launched product offers a discount to healthy customers based on a sophisticated model, which the company developed along with a domestic startup.

Unlike conventional products, which make the insurance policies available only after a medical exam, ABL’s whole-life insurance takes advantage of the medical history of clients for the first time in the industry.

ABL will measures the health of its customers every year by analyzing the above-mentioned data so as to provide up to 10 percent discount on insurance premiums.

To come up with the new model and product, ABL joined hands with Grade Health Chain, a blockchain-powered health and medical information platform.

In recognition of its uniqueness, Korea Life Insurance Association gave an exclusive right to sell the new-concept insurance to ABL Life over the next six months.

Established in 1950, the non-profit association has promoted the common benefits of its member companies. Currently, 22 life insurers have full membership.

Founded in 1954, ABL Life is the country’s second-oldest life insurer.

“We tried to benefit our customers, who are trying to improve their health, by cutting premiums in a systematic way,” said Jason Eun, who is in charge of ABL Life’s product development and marketing.

“Going forward, we will put forth efforts to introduce unprecedented products to help our customers live a better life.”

Kevin Chung studied literature in Seoul. He is interested in various areas. He can be reached at jumphigher55@aol.com or 82-2-6956-6698.